Binance froze a $1 million corporate account in response to a law enforcement request

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Last Updated on August 29, 2022 by Bitfinsider

Binance, a major cryptocurrency exchange, has confirmed that it has limited account access to $1 million in cryptocurrency for a Tezos tool contributor after being called out on social media.

Binance said in a Thursday Twitter thread that it had restricted the account of Tezos staking rewards auditor Baking Bad “due to a law enforcement request.” The Tezos contributor claimed that Binance had blocked access to its corporate account, which contained Bitcoin (BTC), Ether (ETH), Polgyon (MATIC), Tether (USDT), and other tokens, on July 1 “without any explanations,” a claim Binance denied.

“BakingBad is well aware of [Binance’s actions], as he was previously advised of this and provided the LE contact form through our support chat system on 7/6, 7/12, and 7/22,” Binance stated. “Unfortunately, attempting to mislead the community about your case will not change anything.”

Given that the exchange and its subsidiaries operate in numerous countries around the world, it’s unclear to which law enforcement agency Binance was referring. According to Baking Bad’s LinkedIn page, the platform is based in Estonia, where many companies providing crypto-related services were subject to new anti-money laundering regulations beginning in February.

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Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.


Hardware wallets are safe and secure devices that can be used offline. They keep your cryptocurrency offline, making it impossible for you to be hacked. To find out more on the leading hardware wallets, you may view our reviews here: Ledger & Trezor
Disclaimer: The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, legal, tax or other advice. Investing in or trading cryptocurrency or stocks comes with a risk of financial loss.

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